The uncertainty of Brexit has already lead to a 40% increase in art lending applications at Borro and the company expects this number to stay high over the summer months as clients continue to exploit financial opportunities post-Referendum.
To help more clients take advantage of these opportunities, Borro is offering a single rate of 1.99% a month for all luxury asset loans above £50,000 lasting three months or longer. This applies for all loans closing before September 1, 2016.
Claire Barrington-Jones, director of sales at Borro, said: “Traditionally the summer is quite a slow period for our partners, it’s when they take a break from their business and try to relax, however more and more partners are coming to Borro every day needing fast liquidity to help their clients seize opportunities.
“When I talk to some of our clients about how they are using their loans they are giving me a huge range of answers.
“For some it’s the stock market, or bonds, while others are buying more art at auction because they know other buyers are being cautious. The key for them is moving quickly, the markets are changing so frequently that opportunities are gone almost in an instant.”
No matter the result, there will no shortage of opportunities this summer. HSBC analysts are predicting that a vote to Leave could see the Pound drop by as much as 20% in value, while a vote to Remain is tipped by Liberum to give shares in ITV a boost of up to 80%.
Barrington-Jones said: “Property bridgers are tightening their lending criteria we want to make sure our partners know they have a sensible option for their clients.”
75% of Borro’s luxury asset loans are completed within 24 hours, and the company is committed to offering clients the best service possible.